Another week, another major investment into a Rocket-backed e-commerce venture – albeit this time it’s not in an emerging market. Australian firm The Iconic has closed a funding round worth AUD28 million (€19.8m) led by family-owned Belgian company Verlinvest in what it says is the largest-ever e-commerce investment in Australia.
Existing shareholders including serial Rocket partners AB Kinnevik and Summit Partners have also participated in the round. The Iconic, a fast-growing online fashion retailer, has now attracted more than €55 million in total investment.
Adam Jacobs, co-founder and managing director of the Sydney-based company, said the money would be spent on increasing range of goods offered as well as improving the website and customer service.
“As a business we are focused on positioning ourselves for the future, and are delivering on our goals for long-term sustainable growth,” Jacobs added. “We believe in the fast growing Australian e-commerce industry and want to provide Australians with the best online fashion shop they can imagine.”
Founded in late 2011, The Iconic now offers more than 45,000 products and attracts more than 4 million visitors per month. Rocket and J.P. Morgan are among its previous investors. Verlinvest, meanwhile, was created by members of the Anheuser-Busch InBev brewery giant’s control group.
Rocket, the Samwer brothers’ investment vehicle and startup incubator, has been following an aggressive policy of global expansion in recent years aimed mostly, but not exclusively, at e-commerce in emerging markets. Just this week, it launched two new companies in Pakistan, while last month saw new investment in Brazilian taxi app Easy Taxi.